ThredUp (TDUP) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $88.2M, up 7.4% YoY; GMV rose 20% on 17% more items sold, with record Active Buyers of 1.821M (+16.1%) and Orders of 1.888M (+17.4%).

• Revenue and adjusted EBITDA were in line with guidance, but price sensitivity and competition weighed on pricing and led to a weaker Q4 outlook.

Financial highlights

• Gross profit was $69.0M, up 5.9% YoY; GAAP operating loss was $5.3M versus $4.4M, and net loss was $5.5M versus $4.2M.

• Adjusted EBITDA was $3.5M, down 6.6% YoY; nine-month adjusted EBITDA rose 4.3% to $11.0M.

• Nine-month revenue rose 12.8% to $260.7M; net loss widened to $17.9M from $14.6M.

Outlook and guidance

• Q4 revenue is expected at $77M–$79M, a 2% YoY decline at midpoint and 8% two-year average growth; gross margin is expected at 76.5%–77.5%.

• Q4 adjusted EBITDA margin guidance is (4.0)%–(2.0)%; FY2026 revenue is expected at $337.7M–$339.7M, up 9% YoY at midpoint and 14% on a two-year average basis.

• FY2026 gross margin is expected at 78.5%–78.7%, with adjusted EBITDA margin of 2.4%–2.8%; full-year cash flow is expected to remain positive.

• Preliminary 2027 outlook assumes low-single-digit revenue growth, flat adjusted EBITDA margin versus 2026, and continued cash generation if macro and competitive conditions remain unchanged.

• Existing cash and securities are expected to fund requirements for at least 12 months and beyond under current operating plans; capital expenditures are expected to remain modest for the rest of 2026.